#Ferrari
Ferrari NV (NYSE:RACE) announces the appointment of Benedetto Vigna as its Chief Executive Officer.
Mr. Vigna will join Ferrari on 1 September Mr. Vigna will join Ferrari on 1 September from STMicroelectronics (“ST”), where he is currently President of its Analog, MEMS (Micro-electromechanical Systems) and Sensors Group, ST’s largest and most profitable operating business in Y 2020. He is also a Member of the ST Group’s Executive Committee.
Commenting on the appointment, John Elkann, Chairman of Ferrari said: “We’re delighted to welcome Benedetto Vigna as our new Ferrari CEO. His deep understanding of the technologies driving much of the change in our industry, and his proven innovation, business-building and leadership skills, will further strengthen Ferrari and its unique story of passion and performance, in the exciting era ahead.”
An Italian national with extensive international experience working with some of the world’s leading technology companies, Mr. Vigna, 52 anni, graduated cum laude in physics from the University of Pisa. He joined ST in Y 1995, founded the company’s MEMS activities and went on to establish ST’s market leadership in motion-activated user interfaces. His responsibilities were expanded to include connectivity, imaging and power solutions and he piloted a series of successful moves into new business areas, with a particular focus on the industrial and automotive market segments.
Benedetto Vigna commented: “It’s a special honour to be joining Ferrari as its CEO and I do so with an equal sense of excitement and responsibility. Excitement at the great opportunities that are there to be captured. And with a profound sense of responsibility towards the extraordinary achievements and capabilities of the men and women of Ferrari, to all the company’s stakeholders and to everyone around the world for whom Ferrari is such a unique passion.”
In his role as CEO Mr. Vigna’s priority will be to ensure that Ferrari continues to build on its leadership position as the creator of the world’s most beautiful and technically advanced cars. His unique knowledge gained over 26 yrs working at the heart of the semiconductor industry that is rapidly transforming the automotive sector, will accelerate Ferrari’s ability to pioneer the application of next generation technologies.
Ferrari is The Aristocrat of the automotive sector.
Ferrari closed at 218.82 within its 52 wk range of 127.73 – 233.66 Tuesday in NY. It’s all time high in NY was marked at 233.66 intraday on 29 December.
Key technical indicators are now Bullish to Very Bullish long term. The candlestick pattern indicates the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key support is at 217.09 and the Key resistance is at 233.66. The 14 May DOJI candlestick augurs a move further North.
Note: At the beginning of Y 2020 I called RACE at 230 by year’s end, the stock was trading at 165.22 on 1 January 2020, on 29 December 2020 it marked 233.66 intraday, its all time high
The Maranello Outfit’s shares were raised to Buy from Hold at HSBC, and Buys at Morgan Stanley and Bank of America.
UBS is now calling the stock at 365. Citi downgraded the stock from Neutral to sell. I have not seen any other Street downgrades.
Ferrari will continue to create value in the long term as it becomes the world’s 1st Super Luxury brand.
Ferrari is a quality 1st long term luxury products investment, BAML raised its call to 270 long term.
I have raised my long term target to 375, a Strong Bull call, the strongest on the Street and am holding the mark during this recent profit taking, and seeing RACE as a buying opportunity.
Ferrari has an average rating of Buy and a consensus target price at 231.99.
The Maranello Outfit’s shares were raised downgraded from Buy to Hold at HSBC.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I am calling it 375 long term, the Top on the Street, and adjusting it to 250/share short term.
A number of large investors have recently bought shares of RACE, and there have been very few instances of insider selling over the past yr that we have seen. And Ferrari continues to buy back its stock in here.
The stock is considered defensive in the sector.
Have a healthy day, Keep the Faith!
